The demand in the global IoT fleet management market is anticipated to multiply at an exceptional CAGR of 20.0% during the forecast period of 2017 to 2025, gaining traction from a number of factors such as popularity of smartphones, growing need to optimize processes for improved efficiency, and implementation of government mandates for transportation companies regarding safety measures. On the other hand, high cost of implementation and the lack of infrastructure in emerging nations is challenging the market from achieving its true potential. The global IoT fleet management market is estimated to be worth US$15,870.0 mn by 2025, significantly up from its evaluated worth of US$3,340.0 mn in 2016.
Based on cloud type, the global IoT fleet management market has been segmented into public, private, and hybrid. In 2016, the private cloud type accounted for the most significant share of the global pie. Increasing requirement for a secure environment is one of the primary factors propelling the demand of the private cloud segment in the IoT fleet management market. With secured firewalls, private clouds offer robust cloud-based secure environment, and can be maintained by the IT department of any particular corporate. Consequently, the increasing need to maintain security of data and restrict unauthorized access is driving the market growth of this segment.
Application-wise, the global IoT fleet management market has been bifurcated in tracking and monitoring, routing management, remote diagnostics, and fuel management. In 2016, the base year of the year, tracking and monitoring application served the most prominent share of the overall demand.
The Internet of things enables collaboration and communication solution for supply chain logistics industries for tracking and monitoring and this, in turn, offers superior customer service through supply chain visibility in various industries such as bio medical and pharmaceutical. Escalating usage a number of personalized devices such as smartphones, laptops, and tablets is another important factor favoring the growth of tracking and monitoring segment of the IoT fleet management market. The global IoT fleet management market has also been classified on the basis of fleet type, into passenger vehicles and commercial vehicles. Commercial vehicles held a substantial share of the global market in 2016.
Out of other regions studied for their potential of the IoT fleet management market, viz, Europe, Asia Pacific, Latin America, and the Middle East and Africa, North America held for the majority of the market share in 2016, and it is anticipated to sustain its leading position throughout the forecast period from 2017 to 2025. The market for IoT fleet management in North America, wherein the developed country of the U.S. is most profitable, is gaining strong traction from several factors such as early adoption of fleet management, rapid technological advancements, and strict governmental mandates to ensure safety. Though Europe currently holds the second position, Asia-Pacific is projected for the most robust growth rate among all regions.
A number of key players of the IoT fleet management market players are expected to indulge into emerging economies such as India, China, Japan, and Russia as these countries have huge growth opportunities across several industry verticals. Coupled with the speedy adoption of new technologies, the IoT fleet management market is expected to have a prosperous future in this region.
Oracle Corporation, Cisco Systems, Inc., IBM Corporation, AT&T, Inc., Intel Corporation, Verizon Communications, Inc., TomTom International BV, Trimble Inc., Sierra Wireless, and Omnitracs LLC are some of the key companies operating in the global IoT fleet management market.
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